Fresno, California based OnFarm is a Software as a Service (SaaS) big data company that aggregates multitudes of data—from water information to fertilizer inputs—to provide appropriate suggestions to farmers on one easy-to-use page. Users of their product allows farmers to make informed decisions resulting in an immediate impact to water usage, labor, energy while improving productivity. OnFarm uses technology to lower risk and cost while growing more in an ecologically rational approach. OnFarm was a finalist in this year’s IBM Global Entrepreneur awards.
“AgFunder allows us to expand our reach and spend less time identifying and vetting investors,” said Lance Donny, CEO of OnFarm. “We’re an early stage company, and by using AgFunder we can stay focused on building our business.”
“The big data market for agriculture is estimated to grow to $20 billion by year 2020, and OnFarm has a strong first-mover advantage in this space. They’re an exciting company and we’re pleased that they chose AgFunder to help them raise capital,” said Rob Leclerc, CEO of AgFunder.
The listing on AgFunder is stated to raise $400,000 in a convertible note with a minimum investment of $25,000. The company valuation is posted as $4.25 million. The use of funds includes greater investment into data science, analytics and forecasting. The company also intends on hiring additional scientists.
Since AgFunder’s beta launch in late 2013, the company has claimed agreements with institutional investors that collectively represent more than $1bn AUM, and has built a substantial pipeline of investments from around the globe that will be released onto the platform throughout 2014.
AgFunder is a niche crowdfunding platform for accredited investors. The platform has positioned their site as the premier marketplace for promising AgTech startups to raise capital to grow their business. The company was founded by CEO Rob LeClerc.
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